A Denver-based firm has purchased a 450,000-square-foot distribution center in Greenwood for $15.75 million, in another sign of the improved health of the Indianapolis area’s industrial market.
Industrial Income Trust purchased the 13-year-old property at 700 Commerce Parkway from Cohen Asset Management Inc., a real estate firm based in Beverly Hills, Calif. The sale closed on June 28, according to IIT.
The distribution center sits on 23 acres and is 100-percent leased. Its two tenants are Celadon Group Inc. and Genco Marketplace Inc.
The property sparked a lot of bids from the investment community, said Jason Haas, chief operating office for Cohen Asset Management.
“The Indianapolis market has one of the lowest vacancy rates in the United States, which has sparked a lot of institutional interest in this Midwest market,” Haas said in a prepared release.
Several recent deals point to healthy demand for Indianapolis-area industrial space. For example, Opus Development Corp., a Minnesota-based real estate firm, is starting development of two industrial buildings in Plainfield totaling a massive 925,000 square feet.
IBJ reported Monday that California-based Transpacific Development Co. recently purchased a 1.1 million-square-foot distribution building in the AmeriPlex at Indianapolis business park.
Terms of the deal were not disclosed. If the building sold at the same price per square foot as the Greenwood distribution center, the transaction would have been in the neighborhood of $38.5 million.